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71-665: Aviva plc is a British multinational insurance company headquartered in London , England. It has about 19 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider. Aviva is also the second largest general insurer in Canada. Aviva has a primary listing on the London Stock Exchange , and

142-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

213-596: A broker' facility, using the British Insurance Brokers Association search engine. To help them with this endeavour, Paul Whitehouse was recruited to play the part of a successful hairdresser running three salons. The message of the campaign focused on business insurance through insurance brokers . In September 2011, Aviva completed the sale of RAC plc breakdown recovery operation for £1.0 billion to The Carlyle Group . In February 2012, Aviva sold its occupational health business to

284-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

355-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

426-562: A merger of two British insurance firms, Norwich Union and CGU plc (itself created by the merger of 1998 of Commercial Union and General Accident ) as CGNU in February 2000. The Aviva name was adopted in July 2002. Thereafter, most of the group operations, except for some strong local brands, were carried out under the uniform brand "Aviva". In 2002, Aviva purchased Abeille Vie, a French life insurance company. In March 2005, Aviva acquired

497-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

568-514: A reorganization caused by further turmoil in the Eurozone . In December 2012, Aviva agreed to sell Aviva USA Corporation to Athene Holding for US$ 1.8 billion (£1.1 billion) as part of a plan to improve shareholder returns and reduce the group's capital requirements, having paid $ 2.9 billion in 2006 and incurring a large loss on sale. Athene subsequently sold the life insurance business of Aviva to Global Atlantic. On 13 April 2015, Aviva completed

639-568: Is a constituent of the FTSE 100 Index . The name of the company upon its formation in May 2000 was CGNU plc and was created when Norwich Union merged with insurer CGU. In April 2002, the company's shareholders voted to change the company name to Aviva plc , an invented palindrome word derived from "viva", the Latin for 'alive' and designed to be short, memorable and work worldwide. The Norwich Union brand

710-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

781-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

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852-848: The Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include the Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over

923-570: The RAC plc breakdown recovery operation for around £1.1 billion. In July 2006, Aviva greatly increased its presence in the United States by acquiring AmerUs Group , a Des Moines based financial services company, founded as the Brotherhood of American Yeomen in 1896, in a $ 2.9 billion (£1.6 billion) deal. The launch was supported by a £9 million advertising campaign to promote

994-636: The West Surrey Racing British Touring Car Championship team from 2006 through to 2009, and also sponsored Colin Turkington in an Aviva-branded car in the season finale of the 2007 World Touring Car Championship . Aviva again sponsored Turkington, under the banner of 'Team Aviva-Cofco', in selected races in the 2010 , 2011 and 2012 WTCC. Aviva sponsored rugby union's English Premiership from 2010 to 2018. In Vietnam, Aviva started operating in

1065-670: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from the Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for

1136-574: The Aviva Board announced Mark Wilson was to step down, remaining as part of the company until April 2019 though on garden leave; with Sir Adrian Montague assuming executive responsibilities in the interim whilst a replacement candidate is sought. Maurice Tulloch was appointed CEO in March 2019; however, he stood down in July 2020 for family health reasons and was replaced by Amanda Blanc , who previously served as an Independent Non-Executive Director of

1207-549: The British support services company Capita . In July 2012, Aviva announced plans to sell or close 16 non core businesses in order to simplify its activities and boost shareholder returns. As part of the plans Aviva announced the sale of its operations in South Korea and the closure to new business of its bulk buying annuity unit in the United Kingdom. In August 2012, Aviva announced that up to 800 jobs would be lost, following

1278-551: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

1349-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

1420-511: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

1491-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

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1562-464: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

1633-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

1704-491: The UK operations of Friends Provident with the UK life assurance businesses acquired from Axa and Bupa under the name Friends Life. Resolution changed its name to Friends Life Group in May 2014. In December 2014, British insurer Aviva agreed terms for a £5.6 billion all-share takeover of Friends Life. Andy Briggs, current group chief executive of Friends Life, will become CEO of Aviva UK Life, with Mark Wilson continuing as CEO of

1775-541: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

1846-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

1917-614: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

1988-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

2059-576: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

2130-766: The VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization , the European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in

2201-507: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

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2272-450: The ability" to cancel its irredeemable preference shares at par. This caused a wider sell off in the preference share market in the United Kingdom. Also in March 2018 the company announced to spend around £600 million on so called "bolt on" acquisitions, that are in "Poland, Turkey, anywhere we have existing markets". In October 2018, Mark Wilson agreed to step down as CEO with immediate effect, with Adrian Montague taking interim control of

2343-469: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

2414-675: The business group. In September 2023, it was announced Aviva had acquired the London-headquartered life insurance company, AIG Life Limited from Corebridge Financial for £460 million. In November 2023, Aviva acquired a Canadian vehicle replacement insurance business, Optiom, for £100 million (US$ 126 million). Aviva's main activities are the provision of general and life insurance, long term savings products and fund management services. The group has around 23,000 employees and 19 million customers. Aviva Investors has £227 billion assets under management as at 31 March 2023. Following

2485-742: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

2556-654: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

2627-470: The company, pending Wilson's formal departure in 2019. Maurice Tulloch was appointed CEO in March 2019; however, he stood down in July 2020 for family health reasons and was replaced by Amanda Blanc , who previously served as an Independent Non-Executive Director of the company. In November 2020, Aviva sold its stake in their Indonesian company Astra Aviva Life and their Hong Kong division. In 2021, Aviva sold its French operations to Aéma Groupe. As part of

2698-481: The company. George Culmer took over as chairman from Sir Adrian Montague on 27 May 2020. In May 2008, Aviva became Norwich City Football Club 's main sponsor. In an advert from 2009 starring Paul Whitehouse , they feature a Plymouth Argyle F.C. fan who uses Aviva car insurance, followed by a Green Army chant. It also acquired the naming rights for the redeveloped Lansdowne Road stadium in Dublin , Ireland, which

2769-650: The completion of Friends Life Group Limited in April 2015, Friends Provident International Limited is now part of the Aviva Group. CEO Richard Harvey retired on 11 July 2007. His successor was Andrew Moss, the former group finance director. Moss was paid an annual base salary of £925,000 for his role as chief executive. Moss resigned on 8 May 2012, after shareholders voted down a proposed senior management pay deal which would have seen Moss increase his basic pay by 5% despite several years of Aviva underperformance. Following

2840-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

2911-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

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2982-487: The current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were the British East India Company founded in 1600 and

3053-590: The deal, Aviva agreed to indemnify Aéma against potential legal liabilities to Max-Hervé George . In May, Aviva completed the sale of its Turkish business, followed by businesses in Italy ( Aviva Italia Holding ) and Poland in December 2021. In April 2023, Aviva terminated its membership of the Confederation of British Industry in response to allegations made by former employees of sexual harassment and rape at

3124-556: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Friends Life Group Friends Life Group Limited was a Guernsey -incorporated investment vehicle which had the stated intent of forcing consolidation in the British life insurance industry. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index . It was acquired by Aviva on 13 April 2015. The firm

3195-497: The departure of Aviva's CEO, Andrew Moss, McFarlane assumed the role of executive deputy chairman and became executive chairman on 1 July 2012. On 20 November 2012, Aviva announced that Mark Wilson had been appointed CEO, starting 1 January 2013. On 12 September 2014, Aviva announced that Sir Adrian Montague would become non executive chairman, on the retirement of John McFarlane at the Aviva AGM in April 2015. On 9 October 2018,

3266-534: The enlarged Aviva Group. The takeover was completed on 13 April 2015. Friends Life operated from seven countries around the world including: United Kingdom, Germany, Luxembourg, Dubai, Singapore, Hong Kong, and the Isle of Man. Friends Life was the 5th largest life and pensions company ranked by UK market capitalisation. Friends Life were the title sponsors of the Friends Life t20 cricket league organised by

3337-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

3408-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

3479-576: The international oil market. Iran was unable to sell any of its oil. In August 1953, the then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by

3550-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

3621-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

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3692-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

3763-574: The life insurance sector from July 2011, with its predecessor being Vietinbank Aviva Life Insurance Company Limited. In April 2017, Aviva Group announced the acquisition of 50% of the shares of the Vietinbank Aviva Life Insurance Joint Venture from VietinBank . On 17 July 2017, Vietinbank Aviva Life Insurance Company Limited was officially renamed Aviva Vietnam Life Insurance Company Limited (short for Aviva Vietnam). Multinational corporation Most of

3834-494: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

3905-543: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

3976-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

4047-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

4118-481: The rebranding (one of the most expensive ever in the insurance field), with the participation of celebrities including Bruce Willis and Alice Cooper . In June 2009, the company decided to dispose of Navigator , its Australian wealth management business, to National Australia Bank for A$ 825 million (£401 million). In October 2009, the company decided to focus on its commercial insurance sector and demonstrate its commitment to brokers by launching their 'find

4189-560: The stock market. The first of these, Friends Provident , was acquired in November 2009 for £1.86 billion. Upon completion of the deal Resolution, which obtained a listing on the London Stock Exchange in December 2008, took the place of Friends Provident in the FTSE 100 Index . Resolution purchased Axa Sun Life Holdings Ltd from Axa SA in Autumn 2010. In October 2010 it bought Bupa Health Assurance. In 2011 Resolution merged

4260-501: The strong influence of the United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

4331-496: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States

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4402-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

4473-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

4544-739: The £5.6 billion all share takeover of Friends Life Group . Andy Briggs , then group chief executive of Friends Life, became CEO of Aviva UK Life, with Mark Wilson continuing as CEO of the enlarged Aviva Group. In July 2016, Aviva froze withdrawals from the Aviva Investors Property Trust because of a lack of liquidity after Britain's vote to leave the European Union on 23 June . In September 2017, Aviva agreed to sell its Italian joint venture Avipop Assicurazioni to Banco BPM for US$ 312.01 million (€265 million). In March 2018, Aviva, controversially, announced that it "had

4615-438: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for the seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and

4686-420: Was founded as Resolution Limited by entrepreneur Clive Cowdery in 2008 after agreeing a deal to retain the naming rights to Resolution plc , the zombie fund investor he founded which was sold to Pearl Group that year. The company was established with the intention of completing the leveraged buyout and merger of at least three UK life insurance operators by 2012 and spinning out the enlarged company on

4757-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

4828-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

4899-575: Was renamed the Aviva Stadium . In January 2018, the naming rights were extended to 2025. In 2023, Aviva sponsored Aviva Studios , a cultural space in Manchester. It has been designed to enable the commissioning of large scale and intimate work across different art forms, including dance, theatre, music, opera, visual arts, popular culture and digital work, plus major exhibitions and concerts. Aviva, via its then-owned subsidiary RAC, sponsored

4970-630: Was retained for the UK long-term savings and general insurance business. In April 2008, Aviva announced that it would adopt the Aviva name as its worldwide consumer-facing brand, and that the Norwich Union brand would be phased out in the United Kingdom. Aviva can trace its history back to the establishment of the Hand in Hand Fire & Life Insurance Society in London in 1696. It was created by

5041-513: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, the United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production

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